Starting this Friday, April 3, 2020, small businesses and sole proprietors can apply for a loan through the Paycheck Protection Program. The Department of the Treasury is advising small businesses “to apply as quickly as you can because there is a funding cap.” Payroll Protection Program – lending facts
Small business owners are eligible for a $10,000 grant through the SBA Economic Injury Disaster Loan program. This money will be disbursed within 3 days of applying. Apply Here
INFO ABOUT THE PAYCHECK PROTECTION PROGRAM
Purpose: provides small businesses and other entities with zero-fee loans of up to $10 million. Up to eight weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels with principal and interest is deferred for up to a year and all borrower fees are waived.”
- On April 3, 2020, small businesses and sole proprietorships can begin applying for these loans.
- On April 10, 2020, independent contractors and self-employed individuals can begin applying.
- The SBA advises that all businesses should “apply as quickly as you can because there is a funding cap.”
More information: US Chamber